Essay
Flintstone Inc. acquired all of Rubble Co. on January 1, 2013. Flintstone decided to use the initial value method to account for this investment. During 2013, Flintstone sold to Rubble for $600,000 inventory with a cost of $500,000. At the end of the year 30% of the goods were still in Rubble's inventory.
Required:
Prepare Consolidation Entry TI for the intra-entity transfer and Consolidation Entry G for the ending inventory adjustment necessary for the consolidation worksheet at 12/31/15.
Correct Answer:
Verified
Correct Answer:
Verified
Q87: Patti Company owns 80% of the common
Q106: Walsh Company sells inventory to its subsidiary,
Q107: Several years ago Polar Inc. acquired an
Q109: Bauerly Co. owned 70% of the voting
Q110: Walsh Company sells inventory to its subsidiary,
Q112: Stiller Company, an 80% owned subsidiary of
Q113: Edgar Co. acquired 60% of Stendall Co.
Q114: Stark Company, a 90% owned subsidiary of
Q115: Gargiulo Company, a 90% owned subsidiary of
Q116: On January 1, 2013, Musial Corp. sold